The Three Worst Binary Brokers
Empire Option was originally one of our favorites. After our initial reviews, we liked who they were and what they offered but the research never stops. We stumbled upon their terms and conditions section and immediately lost all respect for the broker. The main reason they have been included as one of the worst binary brokers is this little sentence we found buried deep within their Terms and Conditions. Under section 11, you will find the following sentence. “To perform any kind of withdrawal in our platform, users must perform a minimum of operations (depending on the membership)”. That’s it, that’s really all it took. Let’s break that down. If you deposit money into an account and decide binary trading isn’t for you and then decide that you would like to withdraw your money, think again. You will need to execute a minimum number of trades to withdraw your capital. This is a total joke and because of this, Empire Option makes the top of the list as one of the worst binary brokers online.
2. OptionsClick
Optionsclick offers one of the worst customer service experiences you will find. The biggest issue here is that you will rarely find them online and available to talk to. Countless tries during our initial review process turned out constant ‘Leave a message’ results in their online chat function despite claiming that 24/7 live chat service is available. The other aspect that puts them on our list of the five worst binary brokers is their incredible bonus stipulations. This is hands down the highest in the industry and the number clearly shows they have zero interest in ever paying out bonuses. Set at 50X the bonus amount given, a trader must execute a trading volume 50 times the dollar amount granted to the trader. So if you get a $30 bonus, you need to execute $1,500 worth of trades to receive that bonus. We don’t need to do the math for you but that 50X volume requirement seems next to impossible.
3. WhiteTrader
Not only does WhiteTrader appear in the top couple of pages of Google alongside countless racial slurs and white supremacist websites but they appear to us as one of the laziest brokers in terms of making alterations to their white label software. Clearly not much thought went into their company name nor has much further thought gone into their platform altogether. The ‘About Us’ section is the standard piece of writing that is given out when a broker purchases the trading platform software and to us, if you’re too lazy to make a couple of minor changes or personalize your site at all, you really have no business in offering a service. Their customer service may always be available and they like to claim having “thousands of traders” but the site itself literally got dumped out of the packaging with no thought given to adding in any additional information. It’s lazy, useless and unheard of.
4. 24Bulls
We’d like to welcome 24BullShit to the list as one of the worst binary brokers online. While they do have a good looking platform, they have hands down the worst customer service in the industry. So bad in fact, that it is literally non-existent. We spent the last few weeks attempting to get a hold of someone at the 24Bulls office and it has been nothing short of impossible. We have over six open emails that have been completely ignored by the staff. We have attempted to connect with the supposed 24/7 live chat function which is always offline. We have even called various numbers listed on their site as well as their platform provider. Nothing at all and this was all done during their business hours. So what does that mean for you as a potential binary options trader?
Don’t waste your time with this garbage broker. Why would you register for an account and deposit money with a broker who can’t answer the phone, respond to an email or staff their 24/7 live support function. While they are listed here in the fourth spot, they are in our opinion, the worst binary options broker online. Steer clear of them and don’t let the $100 account minimum fool you. You’re far better off choosing a broker like uBinary who will let you start trading binary options with $100 and offers amazing client support.
No matter what industry you look at, there are good examples within and bad. The above three made our three worst binary broker list because their service is terrible, their product is standard and they most importantly, they attempt counter this by claiming to the best, offering the most cutting edge software and the best customer service. There are great binary options brokers out there but they sure aren’t on this list. Now that you’ve seen which brokers aren’t worth your time, why not take a look at the top binary brokers who do walk the talk.
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